‘Near Shoring’ practices led to strong jobs growth across the UK in 2019

New research released by the Association of Professional Staffing Companies (APSCo), in conjunction with business intelligence specialist Vacancysoft, reveals that all regions of the UK outside of London and the South East experienced strong growth, as ‘near-shoring’ sees companies relocating their business headquarters away from London.

However, despite a robust overall UK performance, the data also revealed that some finance jobs are being off-shored in the face of Brexit and an uncertain financial future for the City of London.  Barclays, which boasted the most job vacancies in 2018, saw a 55% drop in available roles as it transfers ownership of European branches to Dublin, while vacancies at JP Morgan, which has moved large swathes of its operation to Paris, fell by 66% over the same period.

Overall though, the UK’s employment prospects look good.  Figures published by the trade body reveal that professional job openings grew by 7% in the North West, 12% in Yorkshire and skyrocketed by 49% in the North East – possibly due to the actions of the North East Local Enterprise Partnership, which is aiming to create 100,000 jobs for the region by 2024.

Commenting on the data, Ann Swain, CEO at APSCo, said:

“While 2019 was hampered by economic and political uncertainty, it’s fantastic to see hiring activity flourishing outside of London. While the capital continues to offer a wealth of opportunities for professionals, seeing growth across the board is hugely encouraging for Britain’s post Brexit future.”

James Chaplin, CEO at Vacancysoft, said:

“As the UK adjusts to a new political paradigm, the big question for firms is what this means for investment and hiring, with significant changes as the UK enters a post-Brexit reality. IR35 in particular is set to have a widespread effect, and could present a huge opportunity for staffing companies operating a payroll arm.”